Ascend Unveils AI-Driven Automated Invoicing Solution

Date – 14-Aug-2024

Ascend Introduces AI-Driven Automated Invoicing to Streamline Billing

Ascend, the leading financial operations automation platform for insurance, has announced the launch of its Automated Invoicing (AI) feature. This new tool is designed to simplify and enhance the invoicing process for insurance agents. With this feature, Ascend users can now upload any quote document into the platform and utilize AI to automatically extract and process key data—such as carrier details, premium amounts, coverage types, and commission rates—into digital invoices and payment links with just one click.

The Automated Invoicing feature aims to dramatically reduce the time and effort required for billing and payment tasks, while also minimizing human errors. This innovation makes it easier to convert documents like binders into personalized invoices, without relying solely on integrations with management systems to transfer data into Ascend.

“Ascend’s Automated Invoicing represents a significant advancement in applying AI to streamline administrative work, allowing insurance businesses to save valuable time,” said Carl Niedbala, National Managing Director – Digital Product Strategy & Innovation at The Baldwin Group. “This frees up insurance professionals to focus on crucial aspects like risk management, client relationships, and addressing complex insurance needs.”

Andrew Wynn, co-founder and CEO of Ascend, added, “Our partners requested a more straightforward way to create invoices, and we’ve delivered with this AI-powered solution. By enabling AI to read, categorize, and populate data from various quote documents, Ascend has made invoice creation as simple as uploading a document. This aligns with our commitment to reducing the burden of manual billing and accounting tasks.”

Key Features and Benefits:

• AI Precision: Ensures that invoices accurately reflect carrier quote documents, minimizing discrepancies.
• Efficiency Boost: Eliminates the need for manual data entry, allowing staff to concentrate on strategic activities.
• Multi-Document Support: Handles multiple quote documents or single quotes with multiple policies, automatically organizing and splitting data as needed.

“Automated Invoicing not only expedites the invoicing process but also ensures accuracy in the amounts collected from clients by aligning invoices with carrier quotes, reducing human error, and enhancing customer experience,” said Bradley Flowers, founder of Portal Insurance.